This chart shows my idea for FTSE Cycle wave 5 which started in Jan 2016. As in my previous FTSE vs DOW chart FTSE has been in an ending diagonal since 2003 and wave 5 of this diagonal has also taken the form of an ending diagonal that completed in July 2017 at 7600. At present FTSE looks to be completing a corrective FLAT of intermediate wave 1 which should not go above 7600 and if correct wave 3 will take FTSE down below 7200 in the near future. Good Luck.
having too many revisions to the forecast... pattern getting complex. GBP interfering while S&P is totally rigged. I think 7600 is at risk now and possibly a new high beckons. 7590 area needs to hold.
What probability do you give to 7600 holding on and the above pattern being true?
Geofftv1
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@VishalShah9, Yes, extremely difficult to keep track of the FTSE EW pattern BUT is still believe that 7600 will hold, only just though!
Take a look at my very recently posted FTSE 1-hour chart which gives my reasoning.
VishalShah9
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@Geofftv1, thanks.... your 1 hr analysis is consistent with what I can see... my only reservation is GBP and it’s likely impact. But as they say EW in the end is more powerful than relationships elsewhere. If the wavecount is genuine and complete - all the rest will be noise.... thanks for sharing.
Geofftv1
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@VishalShah9, When I looked at the FTSE vs DOW 20year chart I also compared FTSE with GBP/USD and noted that although there were short term correlations these did not apply
when looking at the longer term.
What probability do you give to 7600 holding on and the above pattern being true?